BTC’s social dominance has grown tremendously since the year began. Its price might increase even more as bullish sentiment lingers in the market. The growth in the general cryptocurrency market since the commencement of the 2023 trading year has led to a rally in Bitcoin’s [BTC] dominance in the market. At 44.18% at press time, […]
Typically, a surge in a crypto asset’s social dominance while its price also increases can suggest euphoric sentiment among investors and traders. This usually indicates that the crypto asset’s price may be nearing a peak, and a drawdown in price may follow.How much areFirst, the leading coin’s Open Interest remained in an uptrend and has been since the year started.
A steady increase in an asset’s OBV often means more traders are buying the asset than selling it. Hence the buying pressure is stronger than the selling pressure. Further, a look at BTC’s AROON indicator confirmed the strength of the bullish trend in the current market. As of this writing, the AROON Up line was pegged at 78.57%.
When the Aroon Up line is close to 100%, it indicates that the uptrend is strong and that the most recent high was reached relatively recently. Lastly, BTC’s Absolute Price Oscillator , which was in an uptrend at press time at 1127.11, lent credence to the strength of the bullish trend in the market.Subscribe to get it daily in your inbox.
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